Arnold & Porter Recognized by Washington Business Journal for Its Role in Three Major Real Estate Deals
Washington, D.C., May 7, 2013 -- Arnold & Porter LLP and its clients were recognized for their role in three separate transactions during the Washington Business Journal's "Real Estate Deals of the Year 2012" awards dinner on April 29.
The "Deal of the Year" award went to Arnold & Porter client StonebridgeCarras, a private developer which led a complex transaction involving 200 Eye Street, SE, a 400,000 square foot building that had remained vacant since early 2010. The same transaction was also recognized in the publisher's "Rehab/Reuse" deal of the year category. While the District government purchased the building formerly known as 225 Virginia Avenue for about $85 million, it leased the building to StonebridgeCarras with the obligation to renovate the building to the District's specifications for an additional estimated $85 million. Upon completion, StonebridgeCarras then leased the fully renovated building back to the District for use as government offices. The renovation was financed by taxable bonds secured by a pledge of the District's sublease. Arnold & Porter represented StonebridgeCarras in all aspects of negotiating, structuring and documenting the purchase/lease/leaseback transaction and the bond financing, as well as in obtaining the requisite approvals of the District government. The firm's legal team included Michael Goodwin and Carey Smith.
The "Best Land Deal" was awarded to Property Group Partners LLC on its acquisition and development of "Capital Crossing," involving 2.2 million square feet of air rights over Interstate 395 in Washington, DC. Arnold & Porter represented PGP on the real estate and local government aspects of the $1 billion mixed-use project, which will ultimately be built on a platform over the highway and will reunite Capitol Hill with the East End and re-establish the original L'Enfant street grid. The firm's legal team included Gary Humes, Michael Goodwin, Amy Rifkind, John Jacobsen, and James Farrah.
In addition, Arnold & Porter itself was awarded the best "Urban Office Lease" for having committed last December to moving its offices to 601 Massachusetts Avenue, NW in the fall of 2015. Jennifer Perkins and Alex Hallett, from the firm's Real Estate Group, represented the firm in this 376,000 square foot office lease. The building, being developed by Boston Properties, is located north of Massachusetts Avenue near Mt. Vernon Triangle, which is expected to have a significant impact on the continuing development of a new and vibrant area of downtown DC.